Payments to and Reimbursement of Property Manager Clause Samples
The "Payments to and Reimbursement of Property Manager" clause defines how and when the property manager is compensated for their services and reimbursed for expenses incurred while managing the property. Typically, this clause outlines the types of fees the manager is entitled to, such as management fees or leasing commissions, and specifies the process for submitting and approving reimbursement requests for costs like repairs or supplies. Its core function is to ensure transparency and clarity in financial transactions between the property owner and manager, reducing disputes over payments and setting clear expectations for both parties.
Payments to and Reimbursement of Property Manager. Each Owner covenants and agrees that it shall make available to, or otherwise cause to be made available to, Property Manager such sums as are required pursuant to the provisions hereof and pursuant to each Approved Budget to (a) pay to Property Manager all compensation required by Article Five hereof, and (b) provide monies for (or, if previously paid by Property Manager, reimburse Property Manager for) all expenses incurred pursuant to this Agreement to be paid by such Owner within fifteen (15) days of demand by Property Manager together with invoices evidencing such expenses. Property Manager shall not be required to, although it may in its sole discretion, advance its own funds for the benefit of an Owner. This provision shall survive the termination of this Agreement, whether by expiration or otherwise.